A thermal power engineer has been arrested and identified as the suspect who robbed US$100,000 worth of USD and VND from a Vietcombank branch in the southern province of Tra Vinh last week, police said Saturday. A thermal power engineer has been arrested and identified as the suspect who robbed US$100,000 worth of USD and VND from a Vietcombank branch in the southern province of Tra Vinh last week, police said Saturday. The masked man who entered the bank in Duyen Hai District, threatening its tellers with an alleged gun before fleeing with the cash on April 27 is Le Lam Hung, 29, according to the Ministry of Public Security’s criminal investigative unit (C45). “Hung is an engineer who is working at the Duyen Hai Thermal Power Plant in Tra Vinh,” C45 chief Ho Sy Tien confirmed on Saturday. The suspect confessed to working alone in the robbery, where he left the bank with VND1.6 billion ($70,000) in Vietnamese dong and over $30,000 in U.S. dollars. The … [Read more...] about Power engineer arrested as suspect in $100k robbery at Vietcombank branch
Vietcombank ho chi minh city branch
City banks’ non-performing loans still high
Non-performing loans (NPLs) accounted for 5.99 percent of the total loans of Ho Chi Minh City-based banks in the first nine months of this year, said Nguyen Hoang Minh, deputy director of the State Bank of Vietnam's Ho Chi Minh City branch. During a meeting between representatives of Ho Chi Minh City-based banks and the local National Assembly delegation on October 14, he said that borrowers of the bad debt were mainly real estate firms, consumer firms and small- and medium-sized firms. Finance leasing companies had the highest bad debt ratios among credit institutions with bad debts accounting for more than 44 per cent of their total outstanding loans in the first nine months – seven times the ratio of the city's whole finance-banking industry. Foreign banks had the lowest NPL ratio of 2.93 percent, according to the official. However, experts said that the public should not be concerned about the sky-high bad debt ratios of financial leasing companies, as their assets only … [Read more...] about City banks’ non-performing loans still high
Vietcombank opens five more branches in southern hub
The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) on March 14th inaugurated an additional five branches in Ho Chi Minh city. Vietcombank leader presented flowers and decisions to representatives of the five branches. (Photo: VGP)The new branches include Western Sai Gon, district 2, district 8, district 9 and Go Vap district. The inauguration brought Vietcombank’s total branches in the city to 17, among its 96 locations around the country.In his speech at the event, Nghiem Xuan Thanh, Chairman of Vietcombank Board of Directors, said that the bank’s outstanding loan balance in HCM city reached about VND96 trillion, making up one fourth of the total of the whole system. Currently, the bank also holds the largest credit proportion in the city.Deputy Chairman of the municipal People’s Committee Le Van Khoa said that the city always offers favorable conditions for banks in general and Vietcombank in particular to intensify cooperative programs … [Read more...] about Vietcombank opens five more branches in southern hub
Vietnam asset management firm buys $186 mil worth bank bad debts
Nguyen Quoc Hung, its vice chairman, was quoted as saying by Thoi bao Kinh te Saigon Online newspaper that the VAMC bought 169 loans from nine banks, including a state-owned one, raising its total buying to VND42.83 trillion. The company also issued VND3.05 trillion worth of bonds during the quarter and a total of VND35.45 trillion since it began operations last July. Although the company fell short of its first quarter target of buying debts worth VND10 trillion, Hung said it is determined to meet the full-year goal of VND70 trillion. It plans to buy debts worth VND20 trillion in the second quarter. “Buying debts does not mean buying at any price, but identifying the bad debts that need buying and deal with them,” Hung said. The company is working with banks and businesses to restructure the latter and advise the former on how to deal with the bad debts. Hung said he is more optimistic this year about banks’ ability to deal with bad debts since some of them have … [Read more...] about Vietnam asset management firm buys $186 mil worth bank bad debts
BUSINESS IN BRIEF 28/12
EC drops anti-subsidy probe into PSF products Following a 12 month enquiry, the European Commission (EC) has recently decided not to impose anti-subsidy duties against Vietnamese imports of polyester staple fibres (PSF), according to the Vietnam Competition Authority (VCA). In particular, the VCA found that Vietnam’s subsidy margin, which is 1.25%, does not exceed the maximum allowed rate of 2% and therefore the subsidy investigation should be ended. Earlier on December 19, 2013, the European Man-made Fibres Association lodged a complaint requesting the EU impose anti-subsidy duties on PSF exports from Vietnam. The examination period was from October 1, 2012 to September 30, 2013. Accordingly, Vietnam’s preferential and incentive policies and programmes were thoroughly reviewed by the EU. The MoIT effectively co-ordinated with relevant agencies and localities to respond fully and accurately to the questionnaire sent by the EU a VCA representative said, adding that … [Read more...] about BUSINESS IN BRIEF 28/12